Quant (QNT) Holds Gains When Top Cryptos Plummet Following BTC
14 October 2022 - 11:44PM
NEWSBTC
Despite being a lesser-known cryptocurrency, Quant has held gains
while top coins, including Bitcoin, have fallen in value. The price
of Quant had fallen along with the rest of the crypto market at the
start of the year. However, it has slowly experienced growth since
then, trading at $157 at press time. This is over 248% gain from
its yearly low of $44.42 on June 17. Quant’s weekly and three-month
charts have also been in the green. Its weekly chart shows that the
coin has been on an uptrend for the past two weeks. The coin has
seen some volatility, but it has been able to hold onto its gains.
This is quite impressive given the recent dump seen by other
cryptocurrencies, including Bitcoin, the pioneer crypto. Related
Reading: Bitcoin Dominance Rises As Market Turns Red, What Does
This Mean For Altcoins? Quant Price Analysis Quant (QNT) prices
continued to climb for a second day on Thursday, hovering above an
eight-month high. The coin reached a new all-time high of $163.83
on Sunday, the first time this has happened since February 8.
Earlier on in today’s trading session, the QNT/USD pair reached a
high of $157.80. This brought the coin’s price to within $6 of the
all-time highs stated earlier. QNT’s 14-day relative strength
index (RSI) is at 70.19, which indicates that the stock is
overbought after recent gains. This is just below a resistance
level of 71.00. Quant bulls will need to break through this
resistance to propel prices higher. This area is also expected to
see heightened price uncertainty as bears wait for a chance to
rejoin the market. Can Quant Breakthrough Its $158 Price
Resistance? Despite holding gains when top coins like Bitcoin are
dumping, Quant has experienced difficulty breaking through its $158
monthly barrier. Further, the price movement is stumbling at this
level, with declining volume action suggesting the bullish momentum
is depleted and a price reversal is imminent. The altcoin has lost
1.23% today, trading at $154.9. The QNT/USD price chart shows a
high-velocity bullish climb from $86 to $155. The price trend
suggests a rounded bottom breakout rally against rising supply
around $155. However, the determined buyers wobble at this barrier
and reattempt a bullish breakthrough. The daily rejection candles
with lengthy wicks highlight the continuous volatility in the
cryptocurrency market. Moreover, within a week, the second breakout
effort has been met with diminishing volume activity. The action
suggests a strong likelihood of a reversal. This monthly barrier is
crucial since a bearish reversal should set off a large correction.
Therefore, the growth in the supply entering the market will push
prices lower than $150, maybe down to $132. Related Reading: Shiba
Inu Adds Another Zero, Is It Time To Jump Ship? What To Expect From
Quant The bullish reversal pattern should keep the Quant price on
an upward trajectory. Therefore, this pattern suggests that a
rebound should encourage buyers to test the $158 barrier again
after a pullback. A bullish breakthrough from the $158 barrier will
release momentum and give traders an entry chance. Thus, the rise
may continue to $186. Featured image from Pixabay and chart from
TradingView.com
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